FXstreet.com (London) - The pacific pair has traded in a tight range until recently breaking-down to the downside, showing investors preference for NZD over Aussie. The pair will typically trade neutrally, as the NZD economy is so closely tied to the larger Australian economy.

The pair has traded in the range 1.2516-1.2494, but has just broken to the downside, currently quoting at 1.2484/51. Should this bear run continue look for first support at 1.2470 (Dec 18 Low), and in the case of a reversal for the pair, the upper bound of the session range, 1.2516.